Newmark to repurchase $127M in shares from Howard Lutnick

Newmark (NMRK) Group announced it has agreed to repurchase 10,969,523 shares of Newmark Class A common stock beneficially owned by Howard W. Lutnick, United States Secretary of Commerce, the Company’s former Executive Chairman. The aggregate purchase price to be paid by Newmark is $127,027,077, based on $11.58 per share, the closing price on May 16, 2025. The purchases are under Newmark’s existing stock repurchase authorization, which will have $244.9M remaining following this transaction. The sale is in furtherance of Mr. Lutnick’s U.S. government ethics agreement. Additionally, Mr. Lutnick has agreed to transfer his Cantor Fitzgerald ownership to trusts for the benefit of Kyle S. Lutnick, Cantor Fitzgerald Executive Vice Chairman, and Brandon G. Lutnick, Cantor Fitzgerald Chairman & CEO, and his other adult children. Mr. Brandon Lutnick is the controlling trustee of such trusts. The closing of the Cantor Fitzgerald transactions will occur after receipt of all required regulatory approvals, expected in the Q3. The sale of 10,839,674 shares will close today, and the sale of 129,849 shares held in retirement accounts will close immediately after the Cantor Fitzgerald transactions. Lutnick has entered into agreements to forgo all economic benefits in Newmark as of May 16, 2025. These transactions divest his ownership, voting, and economic interests in the Company, complying with Lutnick’s U.S. government ethics agreement. Cantor Fitzgerald will continue to be Newmark’s largest and controlling shareholder.